The Financial Post reports in its Friday edition that Adam Felesky, chief executive officer of Portag3 Ventures LP, the venture-capital arm of Power Corp. of Canada, was primed to put his home country on the leading edge of finance at the end of last year. The Post's Kevin Carmichael quotes Mr. Felesky saying in December, "We're on a mission to build global champions from a Canadian base." That was when Portag3 announced it had raised $427-million for a new fund aimed at digital finance start-ups. The "majority" of that money remains unallocated, Mr. Felesky says, but that could soon change. The social distancing demanded by COVID-19 has sped up the shift to a digital economy, a boon for outfits such as Portag3, which specializes in identifying start-ups that have plans to disrupt finance. The pandemic caused a terrible recession, but anyone focused on digital tech barely noticed. "We've been playing offence," Mr. Felesky said. "We're excited about the environment right now. There are lots of opportunities." Unfortunately for Canada, which will need all the investment it can get to recover from the viral crisis, most of the opportunities that Mr. Felesky sees are foreign, thanks to the country's lack of open banking.
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